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"Gold remains locked in a fairly tight range as investors are either sitting on the sidelines or are set in their positions already leading into next week's FOMC meeting."
- ANZ (based on WBP Online)
Pair's Outlook
Gold prices tanked below the weekly pivot point on Thursday, even though long traders used an attempt to hold the bullion above this technical level earlier in the morning. While yesterday the July low was not tested well enough, we see it happening Friday morning. US retail sales will be the last important piece of data before the Fed meeting next week, and optimistic numbers should reinforce the market view about rising interest rates. In this situation, gold should feel some uplifted bearish pressure in the next 24 hours, with a possibility to prolong a sell-off down to the weekly S1 at 1,058.
Traders' Sentiment
The bulls continue keeping higher number of positions than the bears in the SWFX market, namely 62% (63% yesterday) of them.
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